BSEC’s earnings jump 50% to Tk26cr in FY24
The commission remains committed to undertaking necessary reforms to build a more modern, resilient, and investor-friendly capital market, says the BSEC chairman
The Bangladesh Securities and Exchange Commission (BSEC) reported a significant boost in its financial performance for the fiscal year 2023-24, with net earnings rising by 50% year-on-year to Tk26.06 crore.
According to its annual financial report, published on 12 August, the regulator's total income rose 9% year-on-year to Tk122.60 crore. After covering expenses, net earnings stood at Tk26.06 crore.
The report stated that BSEC's main revenue sources include registration, annual and renewal fees, approval and application charges, fines and penalties, BO account maintenance fees, and interest income from deposits. By the end of June 2024, the regulator's total assets amounted to Tk440 crore.
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In the report, BSEC Chairman Khondoker Rashed Maqsood noted that despite Bangladesh's rapid economic expansion in recent decades, the capital market has not grown at the same pace.
"Every sector of the economy has strong long-term investment needs, yet this demand is not reflected in the size of our capital market. For Bangladesh to build a stronger economy, especially during times of crisis, capital market development is essential," he said.
Maqsood added that the BSEC has already taken steps to make the capital market the primary source of long-term financing and to establish it as a reliable investment avenue.
The chairman, however, acknowledged that FY24 was marked by declining daily turnover and instability in the market.
To restore investor confidence and ensure an effective role for the capital market in supplying long-term capital, Maqsood outlined several priorities, including coordinating with other financial regulators, upgrading market structure and management to international standards, ensuring institutional governance through automation, strengthening monitoring mechanisms, and enhancing and utilising human resources effectively.
"The Commission remains committed to undertaking necessary reforms to build a more modern, resilient, and investor-friendly capital market," he said.
